InvestorKeep: Increasing Growth through Digital Member Engagement

Executive Summary

Since digital banking capabilities have become more of a necessity than a convenience after the pandemic, there is more willingness to use digital alternatives for a host of banking services across all generations.

At this moment, the need for credit unions to enhance and elevate their digital banking strategies is more important now than ever. However, digital first doesn’t mean digital-only but includes integration into physical touch points.

Over a three-month period, Filene engaged members and staff at three geographically diverse credit unions of various asset sizes in the U.S. to understand the desirability, feasibility, and viability for credit unions to use a tool called InvestorKeep to help their members save more and become more financially sound.

InvestorKeep is a financial monitoring and analysis platform designed to track member banking, loan, and investment accounts—across multiple financial institutions—in real time. This test was implemented to examine how InvestorKeep can help credit unions inform and educate their members to adopt sound financial habits through savings and investments, engage with members in a meaningful way and gain insights of competitor products owned by members.

Credit Union Implications

Today consumers engage with multiple interfaces to piece together their financial lives, often turning to personal financial management apps for a more holistic picture.

InvestorKeep, or similar products, could be offered to members in a variety of ways and positively impact a credit union’s financial performance. Based on credit union feedback from the Incubator test, InvestorKeep can:

• Be a pro-active educational tool for members to manage their finances.
• Demonstrate a credit union’s commitment to their members’ success by actively investing in value added services.
• Serve as an easy entry point if credit unions do not currently offer brokerage investment services.

Download the results of the InvestorKeep Incubator test to learn more about how products like InvestorKeep can help credit unions enhance their digital banking strategies, address the financial concerns of their members and build more loyal members.